ForexMart review

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ForexMart is an investment company that operates globally. Our main goal is to uphold the interests of all our clients by providing excellent customer support and efficient trading platform. Awarded as the best broker in Europe 2015 and most perspective broker in asia 2015 by ShowFX World,  a company that empowers market players through expos and conferences with a mission to unite all  members of the financial community.  This year, International Finance Magazine (IFM) recognized Forexmart as Best New Broker in Europe competing against hundreds of other new brokerage companies,. This award signifies the highest standards of innovation and performance to individuals and organizations in the international finance industry.

forexmart_logo

One of the considerations that you have in mind before investing money is to have a thorough research about the company. This review will help you decide to invest on Forexmart. It gives complete analysis about the company’s features including the platform used, the basic requirements in trading, payments, etc and services offered such as customer support and secured trading.

1. Is Forexmart a legitimate broker?

Tradomart Ltd is a broker company with a trading name of Forexmart. The company is a certified broker, regulated by the Cyprus Securities and Exchange Commission (CySEC) with license number 266/15. CySec is a private financial regulatory agency of the Republic of Cyprus. They also follow the regulations set by the European Financial Instruments Directive (MiFID) and the Cyprus Investment Services and Activities Regulated Markets Law of 2007. These regulations ensure transparency in financial transactions, increase market competition and increase protection for the consumers by preventing unfair, and and  deceptive practices of financial service firms.

We value trust and strong relationship with our clients. Our procedure is to separate client funds, reassuring the money of the clients invested as safe and available any time. Thus, Forexmart is a legitimate broker that ensures transparency and secured trading.

2. Broker features

forex-Mart-website

General information

Broker name: Forexmart

Broker type: ECN

Country: Cyprus

Operating since year: 2015

Number of employees: <50

International offices: 1

Regulation: CySec

Address: Anastasi Sioukri & Olympion, Themis tower, 6th floor, 3035, Limassol, Cyprus:

Broker status: Broker

Accepting US clients?: No

Account currency: EUR, USD, GBP, RUB

Funding/Withdrawal methods: VISA/MasterCard, Wire transfer, Skrill, PayPal, Neteller, PayCo, QIWI, Webmoney

Swap free accounts: Yes

Segregated accounts: Yes

Interest on margin: No

Managed Accounts: No

Accounts for money managers (MAM, PAMM): No

Customer Service

Phone: +357 25722774

Fax: None

Email: support@forexmart.com

Language: Greek, English, Polish, Russian, Deutsch

Availability: Email, Chat

Trading

Trading Platform: MetaTrader 4

Trading platform(s) timezone: GMT + 2

Demo Account: Yes

Mobile Trading: No

Web based Trading: No

API: No

OCO orders: No

Trading over the phone: No

Hedging allowed:Yes

Trailing stops: Yes

One click trading: Yes

Bonuses: Yes

Contests: yes

Other trading instruments: Forex, Shares, Raw materials

Account

Minimum deposit ($) 1

Maximal leverage (1:?) 1:1000

Minimum lot size: 0.01

Maximum lot size: 10000

Commission: Variable

Spread: Variable

Decimals: 5

Scalping allowed: No

3. Demo and Live Account

Everyone interested in Foreign Exchange could join Forexmart, even beginners. They could register for Forexmart Demo account for free with no trial period unlike other brokers. Plus, there are  perks such as ‘No deposit’ bonus up to $500,000 demo balance. This gives the opportunity to practice forex trading with real-time market quotes in a risk-free environment. These funds are virtual but the trader can also have full access to our trading platform same with the Live account.

You may opt to create a Live account immediately, with choices of either Forexmart Standard account or the Forexmart Zero Spread account. Both accounts can avail all facilities and services of Forexmart. The only difference is the Standard account has fixed spread on major currency pairs  and no fees while the Zero Spread account has no spreads but with fees on major currency pairs. All users of live account can avail our Forexmart 30% Bonus once the trader has made a deposit.

4. Markets on which to operate Forexmart

a) Forex

  • trading with major currencies such as EUR / USD and USD / JPY with a spread of 2 pips
  • 108 of currency pairs
  • 24 hours a day, five days a week trading and customer support
  • High leverage maximum of 1:1000
  • Glitch free platform
  • trade directly on the chart

b) Actions

Forexmart mediates real-time trading with 53 actions including popular shares around the world such as Apple, McDonald’s, Coca Cola, Facebook, Disney and a lot more. Trading conditions with Spread as low as 0.03 and Margin of 10% applicable under normal conditions. Trading takes place daily between 10:00 to 18:30 server time Monday to Friday for UK shares and from 16:30 to 23:00 for US shares.

c) Raw Material

In Forexmart, there is an opportunity to diversify investments and risk. Aside from currency trading, it is possible to trade spot metals such as Gold and Silver with:

  • Leverage for Gold and Silver of 1:100
  • Lot of 100 ounces for Gold
  • Lot of 500 ounces for Silver

There is a lot of opportunity in trading precious and valuable metals with its high price volatility and high liquidity in low transaction cost compared to physical trading of these commodities.       

5. Bonuses

forex-mart-no-deposit-bonus

In Forexmart, all traders can avail either of the two bonus options:

  • 30% bonus or
  • No deposit bonus.

Once a trader opens a Forexmart Live account and deposits, he/she  is entitled to receive 30% bonus of the total amount of money deposited.

For traders who are interested in trading without the risk of investment, the No Deposit bonus can be used, as simple as creating and validating an account. Traders may receive up to 300 USD. However, it can only be availed once. The system will deposit the appropriate amount of bonus according to user’s account.

6. Premium services

Personal managers are available to assist the need of the traders. Customer Service is open weekdays on working hours either by phone, chat or email. Forexmart is more than willing to help traders’ inquiries and concerns regarding their products and services.

7. Forex Tools & Analytics

Educational materials are available for access to all their traders that would help them navigate and gain profit in the industry. Found in their website are tools designed to be accessible for everyone. These can aid traders to analyze the trend in foreign exchange and know the position of the currency or commodity he/she thinks is beneficial. Some of these tools are:

  • Free VPS hosting
  • Currency converter
  • Forex calculator
  • Economic calendar
  • Forex chart
  • Analytical reviews

8. Trading Platform

forex-mart-platform

Trading Platform MetaTrader 4

All traders can download the MetaTrader 4 for desktop. It is designed for trading forex and other financial instruments. All accounts can be easily access using one login and switch between demo and live. The software is free and easy to install. The Features of the platform are:

  • It is easy to use and glitch-free
  • platform and allows the users to keep track up to four charts simultaneously
  • trade directly from the chart, place orders and manage multiple orders.
  • View several rates in different time frames
  • Supports several trade size allocation methods
  • customizable interface
  • over 40 technical indicators

12. Trader training

All traders, experienced or not, can access some educational materials that could help them understand how Forex industry works and to gain profit.  It can be overwhelming at the beginning and everything else seems complicated. These materials provides easy access for traders to learn the basics of Foreign Exchange. Foreign Exchange requires patience to learn the trade and strategies to  be used in different situations. Learning the basics will provide a good foundation which opens all opportunities upon experiencing trading in the future.

13.  Pros and Cons of the Forexmart brokers

Here is a list of advantages and disadvantages of trading in Forexmart:

Advantages:

  • Efficient Trading platform
  • Incomparable Trade Execution
  • Adherence to regulations
  • No debt to limit the risks
  • Substantial Educational Materials
  • Unparalleled Customer Support

Disadvantages:

  • Customer support for 24/5 days a week

14. Deposit and Withdrawal on Forexmart

All traders have the options to deposit and withdraw in the following systems:

  • VISA/MasterCard
  • Wire transfer
  • Skrill
  • PayPal
  • Neteller
  • PayCo
  • QIWI
  • Webmoney
  • Yandex Money

15.  Commission & Spreads 

There are brokers who charge fees in every trade place in Foreign Exchange. These costs varies in every broker keep the business running. It also depends on the type of transaction. There could be optional costs added for other services the trader may wish to avail.

In Forexmart, Standard ECN account in Forexmart is commission free. Spreads start from 2 pips on major currencies and varies depending on trading instrument being used. Traders should be reminded that spreads change depending on the currency pair being traded because of market volatility. It is needed to balance the market and follow the supply and demand.

16.  Limited risk

In case the trader’s account balance falls below the margin requirement, rest assured we will automatically close out your positions to limit the risks you may incur.

17. Customer Service

There is an available customer service ready to assist any inquiries or concerns, through phone, online chat or email on weekdays from 7:00 to 16:00 GMT.

The services offered by the broker are available in following languages:

  • English
  • Greek
  • Polish
  • Russian
  • Deutsch

18. Conclusion

Forexmart is a reliable broker, authorized and regulated by CySec, that offers currency trading, shares and spot metals online through MetaTrader 4 platform. Traders can register using the demo account for free or the live one requiring a small amount for initial deposit and avail bonuses. Spreads are low while the Leverage can be as high as 1:1000. The website is easy to navigate. Should there be any concerns and inquiries, customer support is available 24/5 a week.

To be recognized with prestigious awards such as Best Broker in Europe 2015 by ShowFX World and Best New Broker Europe 2016 proves their commitment to excellent service and a trustworthy trading partner.

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